Wall Street ended Tuesday's session in negative territory, with a broad retreat in semiconductor shares pulling indexes down despite uneven results from the banking sector.
The Dow Jones Industrial Average closed with a net loss of 180.45 points, settling at 51,670.1 — a decline of 0.35 percent on the session. The S&P 500 edged lower by 1.79 points, a fractional dip of 0.02 percent, to close at 7,805.45. The Nasdaq Composite gave back 41.52 points, or 0.15 percent, finishing at 27,204.38.
Six of the 11 primary S&P 500 sectors posted losses on the day, with health care and financials absorbing the steepest declines — down 1.33 percent and 0.41 percent respectively — after Johnson & Johnson's share price retreated 5.73 percent. Among the sectors posting advances, energy climbed 1.74 percent while communication services added 0.88 percent.
Shares of Micron, Applied Materials, and SK Hynix pulled the semiconductor sector downward, accounting for much of the day's losses across chipmakers.
Quarterly earnings results left banking shares broadly lower. Goldman Sachs slipped 0.23 percent despite topping analyst forecasts, while JPMorgan Chase retreated nearly 1 percent after falling short of expectations — an uncommon outcome for that institution. Steeper losses hit Citigroup and Wells Fargo, whose shares shed 5.6 percent and 3.1 percent respectively.
Bond markets saw Treasury yields pull back on Tuesday, though they held at relatively high levels. The 10-year note hovered near 5.22 percent and the 30-year bond near 5.56 percent, with both yields having eased back from the multiyear peaks reached in recent sessions.
Crude benchmarks swung between sessions as the market balanced expectations of broader Russian diesel availability against the threat of instability across the Middle East. West Texas Intermediate crude settled at around 94 dollars per barrel by the close of trading.
Data from the National Association of Realtors placed September's existing-home sales at an annualised rate of 3.99 million units, reflecting a month-over-month gain of 1.5 percent.
Jones outlined a view that he would take short positions against U.S. equities throughout 2027, drawing a parallel between the current market environment and the conditions that preceded the collapse of the dot-com bubble at the turn of the century.
Traders and investors are watching Wednesday's inflation reading closely, with the consumer price index due for release. Pricing in fed funds futures contracts put the probability of a rate increase at roughly 19 percent for October and close to 84 percent for December, based on CME FedWatch data gathered before the Oct. 28 policy meeting.
